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Why Not Default?$
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Jerome Roos

Print publication date: 2019

Print ISBN-13: 9780691180106

Published to Princeton Scholarship Online: May 2019

DOI: 10.23943/princeton/9780691180106.001.0001

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The Establishment Digs In

The Establishment Digs In

(p.251) Eighteen The Establishment Digs In
Why Not Default?

Jerome Roos

Princeton University Press

This chapter considers the factors behind Greece's compliance in the first years of the crisis. It shows that in the first two years of the crisis, the “establishment triangle” revolving around the political class, private bankers, and the financial technocrats at the Bank of Greece, far from being weakened by the government's precarious fiscal position or the financial fragility of the Greek banks, actually managed to solidify its stronghold on financial policymaking through its capacity to fulfill a bridging role to foreign lenders and keep providing their fiscally distressed national government with much-needed short-term credit lines. The third enforcement mechanism, in short, was relatively effective. But while this helped internalize debtor discipline into the Greek state apparatus, it did not succeed in returning the country to solvency.

Keywords:   Greece, Greek debt crisis, financial crisis, credit, Bank of Greece, enforcement mechanism, solvency

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